UAE market news & discussions for 20 November 2008It was more red today, except for the companies buying back shares (the ones that really were, not the ones talking about it). First Gulf Bank and IAIC Salama were the only gainers on trading levels of any significance. The DFM index fell 2.0% to 2012 with turnover of AED 260m from about 180m shares, and the ADX fell 1.6% to 2834 from turnover of AED 416m from 111m shares with half that total from trading in Aldar Properties as it fell 2.3%. Amlak shares fell 5.6% after their mortgage freeze news yesterday but oddly, Tamweel shares fell slightly more even though they hadn't said mortgage lending was frozen. No stocks traded limit down today, perhaps a sign that some stability is returning to the markets, or does it just mean a slower death? On the Nasdaq Dubai (ex-DIFX), it was the debut secondary listing for Nasdaq OMX (NDAQ) shares, but with no trades so far today. DP World was the only stock traded, falling by 9% to US$0.30. Will the Jumeirah Palm Island homeowners be lining the main drag with sandwich boards to try and offload their homes to all the visiting celebrities for the Atlantis bash with Kylie tonight? Reuters reported today on increasing distressed property sales in Dubai, along with slowing consumer demand. There may be fireworks at the Atlantis but not on the US markets - stock futures are indicating a lower open tonight. Don't forget the Dubai Nasdaq opening bell ceremony live from DIFC The Gate starting at 5pm. Who wants to see Kylie in hotpants anyway?
Dubai Financial MarketEmaar Properties (EMAAR) was the most actively traded stock with AED 77m worth from 26m shares, and fell 3.3% to 2.96. Islamic Arab Insurance (IAIC) was the second most active stock as it rose 2.8% to 1.09. Of the 38m shares traded, only 150k were bought back by the company themselves. The biggest losses were for Dubai Financial Market (DFM) down 7.5%, Ajman Islamic Bank (AJMANBANK) down 7.0%, and the two mortgage finance companies Tamweel Finance (TAMWEEL) and Amlak Finance Company (AMLAK), falling by 5.7% and 5.6% respectively. The remainder fell less than 5% except for a couple of thinly traded stocks, and Dubai Islamic Bank (DIB) and Emirates Integrated Telecommunications (DU) which both rose slightly on light trading. Abu Dhabi Securities MarketAldar Properties (ALDAR) was the most heavily traded stock with over AED 200m of turnover from 41m shares as it fell 2.3% to 5.10, and the only stock trading more than AED 100m worth. First Gulf Bank (FGB) saw significant trading with 2.5m shares worth AED 30m being exchanged, and only 200k of them bought by First Gulf Bank (FGB) themselves (although that figure is unconfirmed). Sudan Telecom (SUDATEL) was a surprisingly active stock today, in third place by turnover, although price was unchanged at 5.10. Arkan Building Materials (ARKAN) was the only other gainer on more than AED 1m of trading, and rose just 1.5%. The limit up stocks saw less than AED 1m of turnover between them. Abu Dhabi Islamic Bank (ADIB) was the worst loser of note, falling 8.65% to 3.69. The energy sector suffered with Aabar Energy (AABAR) falling 6.9%, Dana Gas (DANA) 5.1%, and Abu Dhabi National Energy (TAQA) 3.3%. The other more actively traded stocks fell less than 5%. Emirates Telecom (ETISALAT) was down just 1.5% to 12.90 but the other heavyweight stock, National Bank of Abu Dhabi (NBAD), fell 4.4% to 11.00. |
|
UAE stock market news and discussions at Dubai Share Talk ...
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Comment on this report and view previous reports on the Share Wadi blog.
- Discuss UAE companies at Dubai Share Talk.
